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The Ethereum-based non-fungible token (NFT) marketplace OpenSea is now valued at $13.3 billion after investors injected additional capital during its latest round of funding.

In a statement, OpenSea CEO and co-founder Devin Finzer is announcing that the firm raised $300 million in the Series C funding round led by crypto-focused venture capital firm Paradigm and global investment manager Coatue.

“We are excited to work with these incredible partners, thinkers and builders who collectively bring a depth of experience in Web3, NFTs, and best in class consumer experiences.”

Finzer says that the funding will be used to accelerate product development, improve customer support and safety, make investments in the NFT and Web3 community and grow the OpenSea team.

“Our ambition is to foster the scale and growth of the broader NFT ecosystem including raising the profile of emerging creators and investing in the people who shape the NFT space for the better today.”

The additional investments come as the popularity of NFTs surges. OpenSea processed only $21 million worth of transactions in 2020, but the number skyrocketed last year.

Data from blockchain research tool Dune Analytics shows that in December alone, OpenSea catered over $3.2 billion in transaction volume. The platform hit its highest monthly volume in August when it processed over $3.4 billion worth of transactions.

“We saw the NFT ecosystem explode last year, with OpenSea’s transaction volume increasing over 600x in 2021.”

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